REVENUE EARNING EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2019

Revenue Earning Equipment [Abstract]

Summary of revenue earning equipment

	March 31, 2019					December 31, 2018
	Cost		Accumulated Depreciation		Net  Book Value (1)	Cost	Accumulated Depreciation		Net  Book Value (1)
	(In thousands)
Held for use:
ChoiceLease	$	11,331,946	(3,743,391	)	7,588,555	10,824,989	(3,645,655	)	7,179,334
Commercial rental	3,315,660		(1,047,437	)	2,268,223	3,152,908	(1,047,346	)	2,105,562
Held for sale	537,173		(384,790	)	152,383	467,093	(336,028	)	131,065
Total	$	15,184,779	(5,175,618	)	10,009,161	14,444,990	(5,029,029	)	9,415,961

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(1) Revenue earning equipment, net includes vehicles under finance leases of $12 million, less accumulated depreciation of $6 million, at March 31, 2019, and $23 million, less accumulated depreciation of $13 million, at December 31, 2018.

Fair value, assets

The following table presents our assets held for sale that are measured at fair value on a nonrecurring basis and considered a Level 3 fair value measurement:

				Total Losses (2)
	March 31,		December 31,	Three months ended March 31,
	2019		2018	2019		2018
	(In thousands)
Assets held for sale:
Revenue earning equipment (1):
Trucks	$	41,813	44,325	$	11,546	8,601
Tractors	43,269		35,397	4,968		3,377
Trailers	1,547		1,507	180		1,593
Total assets at fair value	$	86,629	81,229	$	16,694	13,571

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(1) Assets held for sale in the above table only include the portion of revenue earning equipment held for sale where net book values exceeded fair values and fair value adjustments were recorded. The net book value of assets held for sale that were less than fair value was $66 million and $50 million as of March 31, 2019 and December 31, 2018, respectively.

(2) Total losses represent fair value adjustments for all vehicles reclassified to held for sale throughout the period for which fair value was less than net book value.

Gain and losses revenue earning equipment

The components of used vehicle sales, net were as follows:

	Three months ended March 31,
	2019			2018
	(In thousands)
Gains on vehicle sales, net	$	(8,477	)	(6,140	)
Losses from fair value adjustments	16,694			13,571
Used vehicle sales, net	$	8,217		7,431